INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 293 - Sustaining the superannuation contribution concession  

Subdivision 293-C - When tax is payable  

Operative provisions

SECTION 293-75   293-75   General interest charge  


If an amount of * assessed Division 293 tax or * shortfall interest charge on assessed Division 293 tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that:


(a) begins on the day on which the amount was due to be paid; and


(b) ends on the last day on which, at the end of the day, any of the following remains unpaid:


(i) the assessed Division 293 tax or the shortfall interest charge;

(ii) general interest charge on any of the assessed Division 293 tax or the shortfall interest charge.
Note 1:

The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .

Note 2:

Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act.

Note 3:

See section 5-10 of this Act for when the amount of shortfall interest charge becomes due and payable.


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